Occupancy Gains Remains Positive
The New York City’s Outer Boroughs industrial market continued improving through the third quarter of 2022, as absorption remained positive, helping reduce the availability rate once again. The availability rate decreased 40 basis points from the previous quarter to 6.1%, as the market continued to absorb space for the fourth consecutive quarter, registering 5.0 million square feet (MSF) during this time.
Net absorption totaled positive 684,304 SF in the Outer Boroughs and was driven by the Bronx submarket which posted 325,455 SF of positive net absorption. On going occupancy gains in the Bronx have helped reduce the availability rate 140 basis points from the previous quarter, to 7.8%.
Staten Island continues to have the lowest available inventory in the Outer Boroughs market. At 1.2%, the availability rate is down 70 basis points from the previous quarter, as the submarket absorbed an additional 52,500 SF during the third quarter.